$575,000
$599,000
4.0%For more information regarding the value of a property, please contact us for a free consultation.
6 Beds
4 Baths
2,488 SqFt
SOLD DATE : 07/21/2021
Key Details
Sold Price $575,000
Property Type Single Family Home
Sub Type Attached Dwelling
Listing Status Sold
Purchase Type For Sale
Square Footage 2,488 sqft
Subdivision Grand View Add Colo Spgs
MLS Listing ID 7051970
Sold Date 07/21/21
Style Ranch
Bedrooms 6
HOA Y/N false
Abv Grd Liv Area 2,488
Originating Board REcolorado
Year Built 1941
Annual Tax Amount $1,100
Lot Size 0.280 Acres
Acres 0.28
Property Description
This is a wonderful income property!
Located in Colorado Springs near old downtown.
Two units sitting on 3 lots! The potential in this property is AMAZING!
Currently, both units are rented out
Main house: 5bd 3 ba VACANT
Cottage house: 1 bd 1 ba @$1,100/month
This property is offered with a 6.34% CAP rate @599k! THAT'S AN AMAZING INCOME PROPERTY & HARD TO FIND THESE DAYS
Both units were completely renovated a little over 2 years ago. EVERYTHING in them is new. From floors, appliances, paint to the water heater, HVAC, and roof.
Do not let yourself or your clients miss out on a wonderful investment property like this.
After recent discussions with the city, we have discovered that 1012 Iowa ave (main house) and 2014 e yampa (cottage house) both sit on the property lines for 3 lots. If wanted, a new owner could simply apply with the city to properly divide those lots individually. Once done, the owner could build 3 homes/townhomes on those lots. NOTE: The seller is not pricing the property based on whether this ^ actually happens or not. It is priced purely on income.
The way it currently sits with the two units, it is producing $3,400/month income and tenants pay their own utilities. Since the property was so recently updated, there have barely been any maintenance costs to the owner each year. The total annual net income is about $39,000.
We do not have pictures of inside the cottage at this time but it has been remodeled to the exact same design as the main house. Picture #2 shows the west side of the main house and the cottage house. Unfortunately, that is the only picture we have that shows the cottage.
No showings on 2014 Yampa (cottage) until under contract.
DISCLOSURE: Legally, this is not considered a Duplex. This is 2 homes, sitting on 3 lots.
Location
State CO
County El Paso
Area Out Of Area
Rooms
Basement Full, Partially Finished
Interior
Heating Forced Air
Cooling Central Air
Fireplaces Type 2+ Fireplaces
Fireplace true
Appliance Dishwasher, Refrigerator, Washer, Dryer, Microwave, Freezer
Exterior
Garage Spaces 1.0
Fence Fenced
Utilities Available Electricity Available, Cable Available
Waterfront false
Roof Type Fiberglass
Street Surface Gravel
Building
Lot Description Corner Lot, Historic District
Story 1
Sewer City Sewer, Public Sewer
Water City Water
Level or Stories One
Structure Type Wood/Frame,Stucco
New Construction false
Schools
Elementary Schools Queen Palmer
Middle Schools Galileo
High Schools Palmer
School District Colorado Springs 11
Others
Senior Community false
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201 Coffman Street # 1902, Longmont, Colorado, 80502, United States